NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trade Nifty Future opened firm and made a low of 5102 and then consistently made higher top and higher bottom on 30 min chart and after some choppiness, made high of 5161 in last 30 min of trade. This suggests that Nifty Future went up largely due to short covering and hence calls for cautious approach tomorrow.
Considering today's close at higher end of the day, Nifty Future should have a strong opening tomorrow. However, as we will be faced with major resistance areas for Nifty Future viz. 5175 and 5225, i would not recommend fresh long positions at higher levels. Existing long positions should be trailed with stop loss of 5125.
For this rally to gain strength, Reliance has to cross 1030 and 1055.
Put Call Ratio of Index Options has significantly dropped to 0.99 as against 1.39 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment